XCEL ENERGY INC 8-K

What Happened
Xcel Energy Inc. (through its wholly owned subsidiary Public Service Company of Colorado, “PSCo”) filed a natural gas rate case with the Colorado Public Utilities Commission on Jan. 2, 2026, seeking $190 million in increased annual revenue (an 11.6% increase). The request is based on a 2025 test year with a projected rate base of $4.7 billion and assumes a 10.75% return on equity and a 55% equity ratio. A CPUC decision and implementation of final rates is anticipated in the third quarter of 2026.

Key Details

• Total revenue increase requested: $190 million (11.6%).
• Requested return on equity (ROE): 10.75%; equity ratio: 55%.
• Projected 2025 test-year rate base: $4.7 billion.
• Breakdown of the $190M request (millions): Capital investments $90; Changes in cost of capital $53; O&M expenses $42; Sales/revenue growth (reduction) $(7); Other $12.
• Filing date: January 2, 2026; expected CPUC decision: Q3 2026.
• Filing includes customary forward-looking statements and lists regulatory, operational, market, and other risks that could cause actual outcomes to differ.

Why It Matters
This regulatory filing is material because it seeks to increase PSCo’s allowed revenue and could affect the utility’s future cash flow, earnings recovery and customer rates if approved as filed. The final outcome, timing and any adjustments by the CPUC will determine the actual financial impact; investors should note the company’s explicit forward-looking disclosures and the range of regulatory and market risks that could change the result.